TSX tracks world stocks higher, climbs for seventh straight session
By Solarina Ho and Alastair Sharp
TORONTO (Reuters) - Canada's main stock index finished broadly higher on Friday, for a seventh straight day of gains, buoyed in part by resource stocks that benefited from higher commodity prices.
The index was also supported by the positive tone in equity markets around the world, with global markets testing record highs during the session. [MKTS/GLOB]
"There is now some attention being paid to markets that have underperformed. In recent weeks and months we've seen Europe, China and Japan all trading at new multi-year highs," said Elvis Picardo, strategist and vice president of research at Global Securities in Vancouver.
"Some of that global phenomenon is manifesting itself in the Canadian market as well."
Royal Bank of Canada was the most influential gainer, finishing up 0.7 percent at C$79.60. The overall financial group, which makes up some 35 percent of the index's weight, was up 0.2 percent.
The Toronto Stock Exchange's S&P/TSX composite index finished 62.12 points higher, or up 0.41 percent, at 15,388.43. It gained 2.4 percent on the week.
All but one of the index's 10 main sectors finished stronger.
Other influential gainers included Goldcorp Inc, which climbed 2.7 percent to C$24.29. Barrick Gold added 2.1 percent to C$15.95. The overall materials group, home to mining firms, rose 1.1 percent. Continued...